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Inside Internal Controls

News and discussion on implementing risk management

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Bankruptcy and Insolvency Act

Robust information about purchasers/assignees may be required before contracts will be assigned under the CCAA

In Dundee Oil and Gas Limited (Re), 2018 ONSC 3678, Justice Dunphy provided some important guidance on information that should be provided to the court in support of a motion for an order assigning contracts pursuant to section 11.3 of the Companies’ Creditors Arrangement Act, RSC 1985, c. C-36.

 

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No priority for pension claims in Wabush CCAA

Wabush is a welcome decision for third-party lenders to companies with defined benefit pension plans, and employers who sponsor defined benefit pension plans who may have had issues in accessing capital as a result of the SCC decision in Indalex.

 

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The future of insolvency

Industry Canada sought public input on the state and future of Canada’s insolvency legislation through early 2014. Interested parties can review the issues in the agency’s discussion paper on the statutory review of the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act.

 

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